Josh Thoma and Kevin Fitzgerald of Smack Shack in Minneapolis' North Loop are buying the grand old lady on Grand Avenue and Lexington Parkway in St. Paul, and former Butcher and the Boar chef Jack Riebel will helm the kitchen.

After the restaurant went up for sale last summer, several deals for the iconic restaurant, which has occupied the prominent corner since 1935, fell through.

Speculation about the new owners ran high, and the names of the owners were released today.

A news conference is scheduled for Thursday at the restaurant, where St. Paul Mayor Chris Coleman will introduce the trio and more details will be available.

The Lex has long been the launching pad for political campaigns, a hangout for St. Paul Winter Carnival royalty and a see-and-be-seen spot for St. Paul movers and shakers.